General Motors during a media launch for the 2024 Chevrolet Equinox EV in Detroit on May 16, 2024.
Michael Weiland/CNBC
DETROIT — Growing sales of electric cars and small crossovers are helping General Motors Reported third-quarter sales slightly better than expected.
The Detroit automaker reported third-quarter sales fell 2.2% from a year earlier, to 659,601 vehicles. Auto industry forecasters such as Cox Automotive and Edmunds had expected GM sales to fall more than 3% during the period.
General Motors third-quarter sales forecast In line with the industry as a whole. Cox Automotive and Edmunds expect third-quarter industry-wide sales to be down about 2% from the same period last year.
GM’s sales benefited from an annual increase of about 60% in electric vehicle sales in the quarter, reaching about 32,100 vehicles. Still, electric vehicles accounted for just 4.9% of the company’s total third-quarter sales.
While General Motors has withdrawn most of its previously announced EV targets, the automaker believes its EV sales are finally starting to gain momentum thanks to an expanding lineup of all-electric vehicles — with prices ranging from about $35,000 to more than $300,000. Dollar.
“We are absolutely ahead of the industry in terms of growth in electric vehicles,” said Rory Harvey, GM’s president of global markets, which includes North America. told CNBC last month. “Currently, we have the most comprehensive lineup of electric vehicles in the U.S. of any manufacturer in the industry.”
General Motors reported that sales of small crossovers such as the Chevrolet Trax, Buick Envista and Envision also increased significantly compared with the same period last year.
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